BOC Aviation cancels 30 Boeing 737 MAX but backs grounded jet

Aircraft leasing company BOC Aviation said on Tuesday it had cancelled an order for 30 Boeing 737 MAX planes although its CE remained confident in the jet which has been grounded for more than a year. The lessor, which is based in Singapore and listed in Hong Kong, will also defer the delivery of some other Boeing 737 MAX aircraft, it said. BOC is the latest lessor to strike deals with Boeing to cancel 737 MAX orders as the jet remains grounded pending regulatory approval following two crashes. "We discussed with Boeing what is the best way to deploy our capital in a time like this because everyone realises this is not a short term downturn, it is a long one," BOC Aviation CEe Robert Martin said. BOC also recently carried out billions of dollars of purchases of new jetliners, including 737 MAXs, in the purchase-and-leaseback market, agreeing to rent them back to airlines. "It became clear to us that the best way for us to support the MAX and other Boeing products is by us doing purchase-and-leasebacks during this period and these replaced a number of direct (Boeing) orders we had," Martin said. "This is not in any way a loss of confidence in the MAX. We are absolutely confident, otherwise we would never have done ... purchase-and-leasebacks."<br/>